Innovation Canada — Innovation Advisors in MB

Type
EXPERT ADVICE
Application Difficulty
MEDIUM
Time To Complete4 weeksProgram Budgetno cap
See If You Qualify

Highlights

This program is designed for businesses like yours that are ready to grow or scale. By connecting with an Innovation Advisor, you gain access to expert advice from former entrepreneurs and private-sector professionals who understand the challenges you face. They can help you navigate and leverage various government programs and services, including financing, technical advice, and foreign market expertise.

Why should you apply?

  • Access to extensive networks and knowledge: Innovation Advisors have a wealth of experience and connections to help you find the right resources.
  • Tailored support: Whether you need help with product development, market expansion, or strategic planning, advisors can provide customized guidance.
  • Comprehensive assistance: From securing financing to improving your business processes, this program offers a holistic approach to support your growth.

What’s in it for you?

  • Expertise: Benefit from the knowledge of advisors who have successfully navigated both public and private sectors.
  • Resources: Gain access to a wide range of government programs and services designed to support your business.
  • Ease of qualification: The program is designed to be accessible, ensuring that businesses like yours can easily qualify and benefit from the support offered.

Ready to take your business to the next level? Contact us toll-free at 1-833-201-4358 or send us your details, and we’ll get back to you.

Financing Details

  • Type of Financing: Loan
  • Repayment Term:
    • Offers a floating rate or fixed rate with various repayment options.
    • Amortization period of up to 15 years.
  • Interest Rates: Vary based on the chosen repayment option.
  • Eligible Expenses:
    • Includes expenses made within 365 days before loan approval for financing.
  • Use of Funds:
    • Borrow up to $1,000,000 with specific allocations for equipment, leasehold improvements, intangible assets, and working capital.
    • Up to $500,000 for various purposes and up to $150,000 specifically for intangible assets and working capital.
  • Fees:
    • Document preparation fee of $175.
    • Application fee of $100.
    • One-time Federal Government registration fee of 2% of the loan amount.
    • 1.25% Administration Fee included in the interest rate.

Qualifications

  • Must be incorporated.
  • Must be ready to grow or scale.
  • Must be looking to create a new product, service, or process.

  • Disqualifications:
  • None specified.

Description

This program is designed to help your business grow and succeed. You can receive up to $1,000,000 in funding. This money can be used for a variety of purposes to support your business.

You can use the funds to:

  • Purchase new equipment
  • Improve your rented space
  • Develop new products or services
  • Expand into new markets

The program offers flexible repayment options. You can choose a fixed or variable interest rate, and you have up to 15 years to repay the loan. This flexibility allows you to manage your finances in a way that best suits your business needs.

Additionally, the government guarantees 85% of the loan, providing a significant security net. This reduces the risk for your business and makes it easier to access the funds you need to grow.

Program Steps

1. Contact an Innovation Advisor:

  • Call toll-free in Canada at 1-833-201-4358 or TTY at 1-866-694-8389.
  • Alternatively, send your details through the provided contact form here.

2. Schedule a Consultation:

  • Arrange a meeting with an Innovation Advisor to discuss your business needs and how the program can support your growth.

3. Prepare Documentation:

  • Gather necessary documents, including:
    • Business plan
    • Financial statements (e.g., income statement, balance sheet)
    • Proof of incorporation
    • Details of intended use of funds (e.g., quotes for equipment or service costs)
    • Market analysis or research supporting your growth strategy

4. Review Program Details:

  • Understand the services and support offered by the program, such as financing options, technical advice, and market expertise.

5. Submit Application:

  • Complete and submit the application form provided by your Innovation Advisor, including all prepared documentation.

6. Follow Up:

  • Stay in contact with your Innovation Advisor to track the progress of your application and address any additional requirements or questions.

7. Receive Support:

  • Once approved, work with your Innovation Advisor to leverage the program's resources, including funding, expert advice, and connections to other government programs and services.
Visit Program Website